Energy Action: NYMEX crude extended losses Energy Action: NYMEX crude extended losses overnight, falling to $47.42 lows, and down from highs of $49.46 posted on Thursday. Further strength in the dollar, along with comments from OPEC's secretary general, who according to Reuters, implied no OPEC production cuts were coming anytime soon, weighed on prices. A break of Wednesday's low of $47.39 will bring Tuesday's four-month base of $46.68 back into focus. RBOB gasoline futures remain neat their trend lows at $1.77/gallon, as natural gas futures retreat from near $2.90/M BTU to $2.76, as recently hot U.S. temperatures are expected to abate.

07:55 EDT

Treasury Market Outlook: bonds are little changed Treasury Market Outlook: bonds are little changed, though better buying was generally reported. Trading volume was on the strong side too. The 10-year popped up to 2.28% as European sovereigns erased earlier gains after the core CPI rate rose to 1.0% y/y. Yields have dipped from their highs however amid month-end demand. A heavy slate of Japanese data was mostly disappointing. In the U.S., earnings will remain important with Chevron, Exxon Mobile, Phillips 66, Weyerhaeuser, Carrefour, Royal Caribbean, and Seagate on tap. Data includes Q2 ECI, the final July consumer confidence reading from the University of Michigan survey, and the Chicago Fed PMI. The market will be looking ahead to next week's calendar that includes the key nonfarm payroll report, auto sales, manufacturing and services PMIs, income, consumption, and trade.

Futures flat as July draws to a closeStock futures are mixed and trading near fair value as the market closes out a volatile month of trading. Investors will be poring over the multitude of earnings reports and will also receive economic data that includes the employment cost index, the Chicago purchasing managerís report, and the University of Michigan consumer confidence reading.

August front month equity options last day to trade is August 21, 2015

02:40 EDT

FX Update: The dollar has traded moderately softer FX Update: The dollar has traded moderately softer, though the main pairings have remained well within the respective ranges of yesterday. EUR-USD lifted to a high of 1.0962, and USD-JPY dipped to a low of 123.90. An unexpected German retail sales number, which dove 2.3 % in June versus the Reuters median for 0.3% growth, helped put a cap on the euro. BoJ sources cited by Reuters, meanwhile, said that a weak yen is beneficial for the economy, and that the central bank is happy with a declining currency, so long as the pace remains moderate. NZD-USD ebbed, although the pair remained above its low from yesterday, on ANZ business confidence data, which dove to -15.3 from -2.3, a six-year low.

Canada May GDP Preview Canada May GDP Preview: Analysts expect a flat reading for May GDP, due Friday, after the 0.1% drop in April. Forecast risk is to the downside given the mixed component figures during the month. An as expected flat reading would leave GDP on track for around a 1% drop in Q2, which would undershoot the BoC's -0.5% estimate from the July MPR. But that would not necessarily be a large enough miss for a quarterly annualized number to spur another rate cut.